Hedera Hashgraph ()

Overview

The Hedera hashgraph platform provides a new form of distributed consensus.

Project stage

Prototype

Detailed description

Introducing Hedera – a governing body and public hashgraph network designed to address the needs of mainstream markets.

Hedera will be governed by a council of renowned enterprises and organizations, across multiple industries and geographies. Its vision is a cyberspace that is trusted, secure, and without the need for central servers. Its licensing and governance model protects the community by eliminating the risk of splitting, guaranteeing the integrity of the codebase, and providing open access to the protected core. All Governing Members will have equal governing rights and each Governing Member (with the exception of Swirlds, Inc.) is expected to serve a limited term, ensuring that governance is decentralized.

Hedera is both an organization and distributed ledger platform that resolves the factors that constrain adoption of public DLT by the mainstream.

Problem

Distributed ledger technologies (DLT) are disrupting and ransforming existing markets in multiple industries. However, in our opinion there are five fundamental obstacles to overcome before distributed ledgers can be widely accepted and adopted across every industry and geography. In this paper we will examine these obstacles, and discuss why Hedera hashgraph is ideally suited to be the world’s first massadopted public distributed ledger, supporting a vast array of applications.

Solution

1. Perfomance - The platform is built on the hash-graph distributed consensus algorithm, invented by Dr. Leemon Baird. Hash-graph provides near-perfect efficiency in bandwidth usage and consequently can process hundreds of thousands of transactions per second in a single shard (a fully-connected, peer-to-peer mesh of nodes in a network). Consensus latency is measured in seconds, not minutes, hours, or days.

2. Security - Hash-graph achieves the gold standard for security in the field of distributed consensus: asynchronous Byzantine Fault Tolerance (aBFT). Other platforms that use coordinators, leaders, or communication timeouts tend to be vulnerable to Distributed Denial of Service (DDoS) attacks against those vulnerable areas. Hash-graph is resilient to these types of attacks against the consensus algorithm, and achieves the theoretical limits of security defined by aBFT. Achieving this level of security at scale is a fundamental advance in the field of distributed systems as it is the gold standard for security in this category. Many applications require that the consensus order of transactions match the actual order in which the transactions are received by the network. It should not be possible for a single party to prevent the flow of transactions into the network, nor influence the order of transactions in the eventual community consensus. A fair consensus algorithm ensures that if a user can submit a transaction to the network at all, then the transaction will be received by the network and the order in which it was received will be a fair ordering. Hashgraph uniquely ensures that the actual order transactions are received by the community will be reflected in the consensus order. In other words, hashgraph ensures both Fair Access and Fair Ordering. Formal proofs of the aBFT and fairness properties for the hashgraph algorithm exist, and have been available for public review since June, 2016.

3. Governance - Hedera governance is comprised of two parts: Council Governance, used for the management of the business of the council, and Consensus used in the Hedera platform for determining the consensus order of the transactions. The Council Governance Model concerns the election of the Board of Managers of Hedera (Governing Board). The Governing Board will establish policy for council membership, regulate the network tokens, and approve changes to the platform code base. The Consensus Model concerns the process by which the nodes reach a consensus on the order of transactions in the platform. Our proposed model is designed to prevent consolidation of power over consensus. It will prevent collusion by a few to attack the system (such as efforts to counterfeit the cryptocurrency, modify the ledger inappropriately, or influence the consensus order of transactions).

4. Stability - Hedera relies on both technical and legal controls to ensure the stability of the platform.

5. Regulatory compliance - The Hedera technical framework includes an Opt-In Escrow Identity mechanism that gives users a choice to bind verified identities to otherwise anonymous cryptocurrency accounts, which will in our opinion provide governments with the oversight necessary to ensure regulatory compliance. This is completely optional, and each user can decide what kinds of credentials, if any, to reveal. We intend to work with governments to provide the same level of protection to distributed public ledgers as is currently present in the financial system.

Features

COST

The hashgraph is inexpensive, in the sense of avoiding proof-of-work. Individuals and organizations running hashgraph nodes do not need to purchase expensive custom mining rigs. Instead, they can run readily available, cost-effective hardware. The hashgraph is 100% efficient, wasting no resources on computations that slow it down.

EFFICIENCY

The hashgraph is 100% efficient, as that term is used in the blockchain community. In blockchain, work is sometimes wasted mining a block that later is considered stale and is discarded by the community. In hashgraph, the equivalent of a “block” never becomes stale. Hashgraph is also efficient in its use of bandwidth. Whatever is the amount of bandwidth required merely to inform all the nodes of a given transaction (even without achieving consensus on a timestamp for that transaction), hashgraph adds only a very small overhead beyond that absolute minimum. Additionally, hashgraph’s voting algorithm does not require any additional messages be sent in order for nodes to vote (or those votes to be counted) beyond those messages by which the community learned of the transaction itself.

THROUGHPUT

The hashgraph is fast. It is limited only by the bandwidth. If each member has enough bandwidth to download and upload a given number of transactions per second, the system as a whole can handle close to that many. Even a fast home internet connection could be fast enough to handle all of the transactions of the entire VISA card network, worldwide.

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Token details

Token symbol
? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. :

Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 20,000,000 USD

Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Own blockchain ()

Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA

Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token

Total supply ? Total supply — a total amount of tokens that will be released by the developers. :50,000,000,000

Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No

Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :6,500,000,000

Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Open

Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No

Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA

Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :BTC,

Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :No

Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :No

Any user with an account can create new accounts for themselves or others

Dapp developers will earn tokens through a faucet program to test the network and to build dapps on the Hedera network

All developers go through KYC/AML process

Token Distribution To Broader Community

Open Source Wallet Software

Hedera will open-source its mobile wallet and micropayment browser plug-in to make it easier for developers to build game-changing apps

Hedera18

Inaugural developer conference and decentralized hackathon to learn how to build dapps on the Hedera network

Announce Ecosystem Fund

Accelerate number of dapps across multiple verticals being built on Hedera through a targeted fund

Hedera Network

Many developers can build and run their app on the Hedera network

Account Creation

Any user with an account can create new accounts for themselves or others

Hedera Network

All developers can build and run their dapp on Hedera and any user can use it

Hedera Tokens Listed

The utility tokens are listed on exchanges and can be freely traded and purchased by developers and users for API calls

Activity

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